Australian prime minister Malcolm Turnbull declared victory yesterday in a marathon national election, with his coalition government retaining power and the opposition Labor Party conceding defeat.

The counting of votes continued into an eighth day, with Turnbull's coalition expected to win two of the five seats still in doubt. This would enable it to form a majority government, having already won 74 of the 150 lower house seats that were up for grabs.

"We have won the election," Turnbull told a news conference in Sydney.

"We have gone through this election with fiercely fought arguments, issues of policy, issues of principle and we have done so peacefully. It's something we should celebrate."